St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-27
On the Chicago Board Of Trade Yester-
day the June Wheat Option Was
in Demand at the Start.
However, There Was Very Little Trade
Owing to the Precautions Taken
by the Big Clique.
subsequently an Unexpected Buying
Demand Caused FURRY, Taking
the Syndicate Unawares.
Transactions in the Financial Circles
of Wall Street.-The Gen-
eral Quotations.
Special to the Globe.

Special to the GLOBE.
CHICAGO, ILL.,, May 26.-At the opening of
the wheat market the June option was in de-
mand nj SSl2c; July at SIC. This was only
for a moment. Then July sold at S67sc and
lime at SSlac. There was at the start very
little trade in the latter month, but it was Il
fair sign of the circumspection with which
the raiders, after their past three days eX-
perience, regard the now famous wheat
CLIQUE. There was hard selling the day be-
fore Yesterday and stiff margin calls yester-
dav. The result is the bull party in wheat
was this morning treated with consideration.
Nobody wished TO sell June. Indeed, Rosen-
field, at the opening, had 10 bid up to SSlac
before he got very little lot, probably from
some outsider-Something Of change from
the selling frenzy of Tuesday. At about noon
the shorts took fright on purchases to cover
of Wallraph. prominent Milwaukee short
seller He had jackson Bros, Milmine, Bod
man x Co., and other brokers in the pit, and
under his purchases June actually sold at
9Oc: very little. however,a at this figure, for the
CLIQUE brokers from S9c to soc were as active
as they could be TO prevent further advance.
Ii is estimated that they had to sell a million
bushels of the June wheat before the panic
Of the shorts was at all abated. Then the
market did not seem to be inclined to sink
under soc. The clearaneeS from the Atlantic
ports were disappointingly small, but there
was a big export business reported early and
of spring wheat too. All the outside mar
kets were at the top, New York selling above
D7Isc for June and Toledo above 90c. Of
the queer features about the deal that the
opening Of this week gave courage to certain
big operators TO make a dash at the market,
there is now this divided sentiment. 1t is
believed on the one hand that the very queer
look was given for the sole purpose of in
ducing short selling. Another theory is that
the weak move that excited apprehension
was simply an exhibition by a smart broker
who has not nearly the caliber of his prin-
cipals At any rate opinion is a amt now
that the wheat clique will have no such test
from this on as it had last Tuesday, and if
it should have it will go through all right
Corn sympathized little with wheat, but
kept inside very narrow range.
THE ROUTINE REPORT.
CHICAGO May 26.-At the opening Of the
wheat market the June option was in demand
at SSI2c; July at SIC. This was for only a
moment. Then July sold at S67Sc, and June
ut SSlSc. There was very little trade in the
latter month. but il was fair sign of the cir
cumspection with which the raiders after
their past three days experience regard the
wheat clique. All of the news received early
III the morning was of a bearish nature.
Foreign markets were barely steady and the
crop reports from the Northwest were very
tlattering for the new crop. During the first
hour June advanced to SS5sc, and had many
bidders at that figure. July hung around
S67sGS7c. Then came quite furry in June
wheat and the difference between June and
July, which was S4c yesterday, widened to
25sc at one time to-day. The cause was an
unexpected buying demand from the small
scattering shorts in the crowd. The demand
-, ,,1g,r
shorr5s, los and POS, and the clique were
taken by surprise. 1t was not their intention
to allow the price 10 advance. but they had
no orders to sell and before they
had known it. June had advanced
from SS9sc to S97sc. BY the time June had
reached the latter figure Eershaw was in the
pit with plenty OF selling orders. He very
quickly disposed of from 200, 600 to 800, 600
gan selling the crowd stopped buying, and
June dropped back to soc in the twinkling of
an eye. Around SOC and S9I2c it remained
steady for some time. During the afternoon
session June quoted down and closed at
SS7sc. July wheat was shade weaker and
sold down to S6340S67sc. Corn was firm at
the start, but it weakened minute later
July started at 40l4c,- sold off to 40c, and
became steady around 4O@40Ac., Trading
at these figures was fairly active during the
day. The July option closed at 40l8c. Pro-
visions were weaker. July lard opened at
S667l2, and July ribs 10c lower at $500.
Toward the close of the first hours business
provisions became firmer. July lard ad-
vanced to S6.72l2, and July ribs to $7.27l20
80. Trading at these figures was light
July lard closed at 500 bid and July ribs at
S72O.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. May, S7s4c, closing at SS14c
June, SSl2c, closing at SS7sc: July,
SIC, closing at S67sc; August S5Isc, clos
inc ot .TI1na n1n OF.
41l4c, closing at 4114c. Oats-No. May,
26l2c, closing at 26c; June, 2684c, closing at
26l2c; July, 27Ac, closing at 27Ac; Au-
per Dbl, May, S23.76, closing at $23.75 !;
June, S23.75, closing at S23.57. Lard
per 100 lbs, May, .S6.57l2, closing at $500;
June, s657l2 closing at $500; July, $6.6?l2,
ing at $3.50. Short ribs-per 100 lbs, May,
S7.12l2, closing at S72O: June, S7.I2l5,
closing at S7.20; July, S7.2O, closing at
$3.50; August, S7.32l2, closing at $40.
quiet and unchanged. No, aspiring wheat,
SS4@SSl2c; No spring wheat, 79@S1c
No. = red, SS14c. Corn-No 2, 3Sc. Oats
No. ?, 2G@26l2c. Rye-No. 2, 55l2c. Bar
Iey-N0. 2, 5!c. Flax seed--No. !. 81 4@
pork, per Dbl, $3.50. Lard, per 100 lbs,
$500. Short ribs sides, loose, 81. 121a6
20; dry sailed shoulders, boxed, 5000
80; short clear Sides boxed, S7.60@7 IS.
Whisky-Distllers' finished goods per gal,
Sl.1O; Sugars-Cut loaf, 62sc; standard "A, 81
5S4c: Receipts-Flour II, 900 bbls wheat, 125,
900 bu; corn, 10000 bu; oats. 166, 900 bu
rye, 1000 bu: barley, 1900 bu. Ship
ments-F!our, 5000 bbls; wheat, 1000 bu
corn, 100000 bu; oats, $4,000 bu; rye,
5000 bU; barley, 1000 blu. On the produce
exchange. to-day the butter market was
weak, owing to large receipts; creamery, ! 3l2
G16i2ei dairy, 1l@l5l2c. Eggs very firm